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'Big Short' Michael Burry Points out Unique Market Phenomenon, DOGE Tweet by Burger King Excites Community, SHIB Breaks out of Triangle: Crypto News Digest by U.Today

Mon, 04/03/2023 - 15:54
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Valeria Blokhina
Let’s see what crypto news the first few days of April have brought with U.Today’s news digest
'Big Short' Michael Burry Points out Unique Market Phenomenon, DOGE Tweet by Burger King Excites Community, SHIB Breaks out of Triangle: Crypto News Digest by U.Today
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Here are the top four news stories over the past weekend presented to you by U.Today, check them out!

"Big Short" Michael Burry points out phenomenon market has not seen since 1920

On Thursday, March 30, well-known investor Michael Burry took to Twitter to point out the unique nature of the current market environment. He stated that since the 1920s, there has not been a generation as dedicated to the "buy the dip" (BTFD) strategy as the one we are currently seeing. According to this approach, investors should accumulate more of an asset at a lower price during market declines, expecting that the asset would eventually recover and increase in value. Investor interest in the BTFD strategy has grown significantly in recent years, particularly in the context of the strong performance of the S&P 500 Index.

Is Burger King interested in DOGE? New tweet excites Dogecoin community

Yet another “Doge” mention by Burger King U.K. has been spotted by the Dogecoin community on Twitter. This time, the person behind the global fast food chain account tweeted that they are trying to convince their manager to have “an office doge.” The post excited DOGE enthusiasts, with some asking about when Burger King will start accepting the meme token for its meals and others posting DOGE-related memes in the comments section. Earlier last week, as reported by U.Today, Burger King’s U.K. branch reacted to the news about Burger King in Paris accepting Bitcoin by tweeting "We need doge."

Shiba Inu records biggest transaction spike of year as SHIB price breaks out

As tweeted by analyst Ali Martinez referring to Santiment’s data, since the start of the year, Shiba Inu's network activity has reached an all-time high. At the end of March, Shiba Inu saw its highest daily surge in active addresses in 2023, with almost 36,000 SHIB addresses interacting on the network. Notably, this happened just before the SHIB price’s 9% surge after a long accumulation and decline in volatility. The most obvious explanation could be whales anticipating the coming price action and capitalizing on it. However, this time, it has nothing to do with this group of investors as the vast majority of transactions made during the surge in network activity were in the $10-$100 range.

Shiba Inu (SHIB) breaks out from triangle, here's next target

Shiba Inu has recently successfully broken through the local resistance level that was marked by the upper border of a symmetrical triangle. This suggests that the dog-themed crypto, which has gained 9.6% in value over the last three days and reached the 200-day moving average, could be entering a bullish trend. Such patterns usually occur when the buying and selling pressures are evenly balanced. As the apex of the triangle approaches, the price action becomes increasingly compressed, leading to a significant breakout in either an upward or downward direction. In the case of Shiba Inu, the breakout appeared on the upside, signaling a bullish trend.

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About the author

Valeria is the community manager at U.Today. She is a crypto enthusiast and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news in the world of crypto and blockchain.